Friday’s 101-point thrust came within less than a point of fulfilling the 5649.50 target I’d flagged in the chat room an hour before the day began. I’d said it would take much more than that to produce a bear rally worthy of the name. How much more? Probably another 300 points before bears who have bet the ‘don’t’ line would start feeling queasy. The sassy little pisher that capped the week didn’t surpass a single distinctive peak. Still, that’s how all memorable bear rallies begin, greeted with skepticism the moment they bolt from the gate. Let’s see if short-covering bears have the energy to lift this brick above 3/12’s 5675.00 peak as the new week begins. Expect this to happen earlier in the session if at all, since that is when the sleazeball who control the game have the most control over the order book. _______ UPDATE (Mar 17, 12:53 p.m. EDT): The June contract’s timid rally this morning just missed taking out a peak at 5726.75 equivalent to the one given above for the March futures. It will do so shortly, however, and will then face a more challenging and less obvious resistance at exactly 5740.25. That is the midpoint Hidden Pivot resistance of this pattern, which allows a bear rally to as high as 5920.50, a back-up-the-truck number for getting short. You can try shorting 5740.25 as well, provided you can handle a ‘camo’ trigger on the lesser charts. Risk no more than 3.50 points on the initial stop-loss.
ESM25 – June E-Mini S&P (Last:5628.75)
